LONDON, March 28, 2002 (PRIMEZONE) -- Cordiant (NYSE:CDA) has signed an agreement in principle with its Banks and the holders of its Guaranteed Senior Notes which incorporates detailed terms for amendments to the agreements governing the Group's principal borrowing facilities. The changes will include new financial covenants for periods ending on and after December 31, 2001, which have been agreed to reflect the change in operating performance of the Group following the industry downturn in 2001.
This agreement in principle is subject, inter alia, to completion of full documentation by April 19, 2002. Cordiant will announce its 2001 preliminary results, together with details of the new financing arrangements and the increased financing costs and fees, shortly after completion of full documentation.